As of December 14, ChinaAMC SSE 50 ETF (510050) had a net inflow of nearly 6 billion yuan in the past ten trading days, with a scale of more than 72 billion yuan and a share of 315900 million copies, a record high.
[The seller spoke intensively: **value or New Year's Eve**].
Recently, various brokerages have also intensively released views on the value of the best, and more brokerages have released special strategy reports, proposing to "attack the SSE 50 again".
Guolian believes that the top-level policy planning is positive, the market is currently too pessimistic about next year's policy expectations and fundamental expectations, and the current market is at the bottom of the stage, focusing on the value direction.
Caitong ** directly pointed out "back to attack the SSE 50" in the title of the strategy special report released in December, believing that the end of the year ** is expected to lead, and the SSE 50 is the focus of attention. The current policy has landed in the economic recovery period, and the first value stage is expected to lead. At the end of the year, the winning rate of the style is more obvious, and the winning rate in December is as high as 71%.
According to the statistics of China Merchants, since 2013, the CSI 300 and SSE 50 have a higher probability of being the most popular broad-based indices in the main A-share indexes during the New YearFrom a stylistic point of view, in the time period from November to January of the following year, ** value is significantly better than other styles, both in terms of average ranking over the past decade and average return over the past decade.
Anxin ** said that by reviewing the market performance after the economic work conference in the past ten years, it will be found that the most distinctive feature is: in the dimension of one month after the meeting, the winning rate and yield of the SSE 50 and CSI 300 are relatively obvious, and the median rise and fall in the past ten years are 409% and 428%。
Guotai Junan** said that under the situation that domestic demand has yet to recover, fiscal and monetary measures are moderate, and overseas interest rates have bottomed out in the short term, it will increase the allocation of **value categories** with low-risk characteristics. The trading structure of small-cap stocks is becoming volatile, with themes and themes coming to an end.
1) The advantages of small-cap trading are not as good as before. Most of the sectors where small-cap stocks are concentrated have rotated**, and small-cap index valuations are already at high levels.
2) **The differentiation of small-cap transactions is approaching the extreme, with the CSI 300 trading volume accounting for less than 20%, the lowest since 2014;The CNI 2000 accounted for 35% of the turnover, second only to the bull market in 2015.
The decline in the trading advantage of A-share small-cap stocks and the extreme deviation from the transaction indicate that the chip structure is concentrating on investors with the highest risk appetite in the market. However, under the difficulty of revising policy expectations upwards and the overall off-season of the economic sector, the trading structure of small-cap stocks will become unstable. Style switching will begin to appear, and at this stage, you should choose ** value stocks with low valuations and stable cash flows.
As of December 14, 2023, the SSE 50 Index has a price-to-earnings ratio of PE-TTM895, in the last three years 206% quantile, the valuation is lower than nearly 98% of the time in the past three years, and the funds may be borrowed through the ChinaAMC SSE 50 ETF (510050).
The SSE 50 Index tracked by ChinaAMC SSE 50 ETF (510050, OTC: 001051 005733) is composed of the 50 most representative A-shares in Shanghai**, bringing together a group of the most influential leading companies in Shanghai, with significant scale advantages, and with the characteristics of low valuation + high dividends, it is a good bottom position variety.
The above data and information**: wind, as of 2023-12-14, compiled and calculated by Huaxia**.
The underlying index of the SSE 50 ETF is the SSE 50 Index, and its full fiscal year results from 2018 to 2022 are: 85%、-10.06%、-19.52%；Past index performance is not indicative of future performance** of the product.
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